2024 Interest Rates Uk Bank. Interest is what you pay for borrowing money, and what banks pay you for saving money with them. The bank of england cut interest rates for the first time in more than four years, providing much needed relief to millions of homeowners and families still reeling from the higher cost of living.

By the end of 2024 the base rate is predicted to fall to nearly 4.60% before slowly falling to around 3.23% in 2029, as shown in the table below. The bank of england cut interest rates on 1 august from 5.25% to 5%, marking the first reduction in interest rates since march 2020.bank rate had remained at 5.25% since august.